- 2014年02月11日 22:50
•The economic recovery gained greater traction in the second half of last year.
•The pickup in economic activity has fueled further progress in the labor market.
•The recovery in the labor market is far from complete. The unemployment rate is still well above levels that Federal Open Market Committee (FOMC) participants estimate is consistent with maximum sustainable employment.
•Among the major components of GDP, household and business spending growth stepped up during the second half of last year.
•Similarly, growth in business investment started off slowly last year but then picked up during the second half, reflecting improving sales prospects, greater confidence, and still-favorable financing conditions. In contrast, the recovery in the housing sector slowed in the wake of last year's increase in mortgage rates.
•My colleagues on the FOMC and I anticipate that economic activity and employment will expand at a moderate pace this year and next, the unemployment rate will continue to decline toward its longer-run sustainable level, and inflation will move back toward 2 percent over coming years.
•let me emphasize that I expect a great deal of continuity in the FOMC's approach to monetary policy.
•That said, purchases are not on a preset course, and the Committee's decisions about their pace will remain contingent on its outlook for the labor market and inflation as well as its assessment of the likely efficacy and costs of such purchases.
•The Committee has emphasized that a highly accommodative policy will remain appropriate for a considerable time after asset purchases end.
•In addition, we are working to advance proposals on margins for noncleared derivatives, consistent with a new global framework, and are evaluating possible measures to address financial stability risks associated with short-term wholesale funding.